S&P: Yankee Stadium loan BBB-

Standard & Poor's said it assigned a BBB- preliminary rating to Yankee Stadium Holdings LLC's $46.4 million senior secured term facility.

The outlook is positive.

The company amended and extended the facility by two years to 2016 and reduced the loan balance to $46.4 million from $105 million.

The project used loan proceeds to prepay some of the bank loan and fund the completion of a new 50,291-seat baseball stadium for the New York Yankees.

The positive outlook and ratings reflect an adequate level of revenues from contracted sources, strong financial performance during a recession and a better understanding of the project's operating expenses, S&P said.

The ratings reflect stabilized and predictable attendance trends, high confidence that the project can support the current level of contractually obligated income after contract renewals and financial performance that is in line with current levels, the agency added.

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